Various financial aids in 2023 for residents of this US state

New Mexico Gov. Michelle Logan Grisham last year, jointly with the state legislature, approved various refunds for the territory’s taxpayers.

In contrast, economic relief payments were approved for residents who were not required to declare on taxes. The reason was high consumer prices and their impact on household budgets across the country.

Measures adopted include an income tax refund of $500.00 for married couples. In this case, it is made for those filing joint returns, heads of household, and surviving spouses with incomes of less than $150,000.00.

Also for single taxpayers with an income of less than $250.00 and married people filing separately with an income of less than $75,000.00.

Refunds will be automatically sent to eligible taxpayers who have filed a personal income tax return for 2021.

What other measures benefit New Mexico taxpayers?

Another action is the $500.00 income tax refund for single and married taxpayers. Which is used for those who authorize separately.

In the case of joint applicants, heads of household, and surviving spouses, the amount is up to $1,000.00.

New Mexico residents who do not file tax returns will receive an exemption payment of $1,000.00. These, for married or single households with one or more dependents. For single persons without dependents, the amount will be $500.00.

Note that nonfilers still have the option to file a 2021 New Mexico personal income tax return.

Those who are not claimed to be dependent on another taxpayer’s return have the option to file a tax return for 2021. They will be able to do so through May 31, 2023 and will still be eligible for a refund.

Finally, among other measures is economic assistance for low-income residents of the territory. With that said, payments of $400.00 will be sent to eligible families and priority will be given to applicants with lower incomes.

To qualify, they must be residents of New Mexico and have at least a New Mexico driver’s license number. Another eligible option may be an individual taxpayer identification number or a Social Security number.